Not since the early 1990s has FASB changed the reporting requirements for Nonprofit Organizations. About 260 pages later, the first round of changes is complete in the form of ASU 2016-14 which is applicable in calendar 2018! This course covers the significant provisions of ASU 2016-14 and their applicability to the financial statements of the typical Nonprofit Organization that the local practitioner engages or works with (10 or fewer employees, $5,000,000 or less revenue). A fast moving, practical approach to application of the standard in what is typically a very fee sensitive area!
Learning Objectives
Identify the impact of the FASB's Not-for-Profit Financial Statement Standard. Identify the unique aspects of the not-for-profit environment. Apply the unique not-for-profit accounting and reporting requirements, including revenue recognition. Recall ways to perform more effective audits of not-for-profit organizations with better knowledge of not-for-profit accounting and reporting requirements.
Major Topics
Core elements of financial reporting Exchange transactions and contributions Reporting and measuring results Impact of FASB's Not-for-Profit Financial Statement Project
